BitMine's Lee says Ether's 'price dislocation' is a signal to buy
BitMine chairman Tom Lee has confirmed the company went on an Ether buying spree after the crypto market saw one of its most significant deleveraging events earlier this month.
“Open interest for ETH sits at the same levels as seen on June 30th of this year, ETH was $2,500, given the expected Supercycle for Ethereum, this price dislocation represents an attractive risk/reward,” he said in a statement on Monday.
BitMine bought up another $250 million Ether (ETH) on Monday from crypto exchanges Bitgo and Kraken, according to blockchain analytics platform Arkham Intelligence.
This now brings BitMine more than halfway to its goal of holding 5% of Ether’s total token supply, with total Ether holdings now at over 3.3 million tokens worth over $13 billion, and representing 2.74% of the total supply.
Lee made several bullish statements about Ether during the company’s buying spree last week.
During an episode of the Bankless podcast last Wednesday, Lee held firm on his prediction for Ether to hit $10,000 this year, despite just over two months remaining on the clock. To reach Lee’s target, it would need to rise 150% from its price of $3,986 on Monday.
BitMine stock on the rise
BitMine’s stock (BMNR) shot up 7.92% to trade at $53.80 on Monday. In the last six month’s the company’s stock has gained over 691%.
“BitMine continues to attract institutional investor capital as our high liquidity is appealing. The combined trading volume share of BitMine and MSTR is now 88% of all global DAT trading volume,” Lee said.
BitMine reigns as the largest Ether company
BitMine is by far the largest Ether treasury company, with the next closest publicly listed stash held by SharpLink Gaming, totalling 840,012 tokens, according to StrategicETHReserves.
Related: BitMine’s Lee calls ETH a ‘discount to the future,’ Bit Digital eyes $100M
Institutions have been steadily acquiring Ether throughout 2025, with the total across treasury companies sitting at over 5.74 million tokens, representing 4.75% of the supply.
Magazine: Sharplink exec shocked by level of BTC and ETH ETF hodling: Joseph Chalom
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BNB Chain Secures $50M Investment from YZi, Announces Partnership with BPN
Collaboration Aims to Develop Multi-Stablecoin Liquidity-Powered Global Settlement Layer
NEAR Community Decides to Slash Inflation and Reduce Emissions by Half
Near Protocol Validators Require 80% Approval for Proposed Annual Inflation Reduction, with Decision Expected by October 2025
Mars Morning News | Bitcoin falls below $109,000, Ethereum loses $3,900 support, market remains in "hell difficulty" mode
The overall crypto market is experiencing a decline, with significant price drops in bitcoin and ethereum. Altcoins are leading the downward trend, and the total liquidation amount across the network is substantial. Large investors are adjusting their positions to cope with the volatility. Summary generated by Mars AI This summary is produced by the Mars AI model, and the accuracy and completeness of its content are still being iteratively updated.
If You Can't Beat Them, Join Them? "US Sports Betting Giant" Draftking Acquires Licensed Exchange, Joins the "Prediction Market" Battle
DraftKings has acquired the CFTC-licensed Railbird exchange, entering the prediction market sector to counter competitive threats, resulting in an 8.3% increase in its stock price. This move expands its business into states where traditional gambling is prohibited, but also faces regulatory challenges. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively updated by the Mars AI model.
Trending news
MoreCrypto prices
More
